Phuket apartments market is recovering amid a bright economic outlook and a growing population on the island, according to Knight Frank Thailand's latest research.
According to experts, the average price per square meter of housing will increase in all areas, and an increase in demand for
luxury apartments may increase the cost to a new high in 2018. This is especially true of property by the sea. The number of new residential projects launched in Phuket will continue to grow and local developers will become key players in the market.
The main category of people interested in
apartments in Phuket are foreign buyers, especially from China, Russia and Australia. They buy homes either for their own vacation or for long-term capital gains.
According to Knight Frank, 1,736 new apartments were launched on the market in Phuket last year. The number of condominiums on the island has grown to 14,266 units, an increase of about 14 percent compared to 2016.
-v-rasrochky/">new buildings completed last year fell by 29 percent from 2,478 properties in 2016. Developers began to show selectivity and caution in investing. Last year, 1,147 apartments were sold, which is 36 percent less than in 2016.
The average cost of condominiums that were built on the island in 2017 was $4,350 per square meter, up 2.5 percent from a year earlier. The average cost of a "square" apartment with a sea view has reached $5,820, which is 1.5 percent higher than in 2016.
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